The Conservation Reserve Program Pays Farmers to _______

question 11

Multiple Choice

The Conservation Reserve Program pays farmers to _______.

• A)grow soybeans and other crops that can be used for biofuels
• B)grow cattle feed instead of commercial crops
• C)grow native crops such as corn and beans
• D)stop cultivating cropland along streams

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Definitions:

Perfectly Elastic

Describes a situation in economics where the demand or supply for a product can vary infinitely with a small change in price.

Inelastic

A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.